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Gold Price Hike: Gold became costlier by 110 percent in 10 years, rupee weakened by 51 percent against dollar

Gold Prices: The brightness of gold is increasing day by day. Gold prices seem eager to make new records. In the third week of March 2023, gold crossed Rs 60,000 per 10 grams for the first time and in April 2023 it crossed Rs 61,000. And after the global economic situation that is visible, there is a possibility of further increase in the prices of gold. But rising gold prices have two sides. Those who have invested in gold in the hope of better returns are getting excellent returns on their investment. But those who have marriage of their near and dear ones in the coming wedding season, their pocket is going to be cut. You will have to shell out more money for buying gold jewellery.

Gold was Rs 29000 in 2013

Upheaval is being seen in the stock market around the world, huge fluctuations are being seen in the prices of commodities. Investors are trying to withdraw investment from the emerging market, so they are giving priority to investing in gold because in the current situation, investing in gold is considered to be the safest. Investors who have invested in gold in the last 10 years have lost out. If we look at the movement of gold prices in 10 years, exactly 10 years ago in 2013, gold was trading around Rs 29000 per 10 grams. In 2015, the prices also softened and the price came down to Rs 26000 per 10 grams. But since then gold prices have not looked back.

Gold became costlier by more than 100 percent in 10 years

Gold is trading at Rs 31000 in 2018, Rs 35000 in 2019, Rs 48000 in 2020, Rs 52000 in 2022 and now Rs 61000 per 10 grams. On December 30, the last trading day of 2022, gold was at Rs 54,790. That is, the investors who have invested in gold have got a return of more than 10 percent or Rs 6300 per 10 grams. In the beginning of 2022, gold was at Rs 47850. That is, in these 15 months, gold has given a return of 27.50 per cent or Rs 13150 per 10 grams. In 2022, Russia’s military attack on Ukraine, global economic crisis, backbreaking inflation and expensive interest rates have been seen. In 2022, there was a huge decline in the stock markets around the world. But the people who invested in gold, the shine of gold made them rich. According to experts, the rise in gold is not going to stop here. The price of gold is being predicted to go up to Rs 65,000 per 10 grams.

Rupee weakened by 15 percent in 10 years

Not only gold but those who had bought global currency dollar and kept it with them. They have also made tremendous profits. 10 years ago, the rupee was trading at the level of 54 against one dollar. But there was a big weakness in the rupee against the dollar. As a result, the rupee fell to the level of 82 rupees against one dollar. The rupee has depreciated by 51 percent against the dollar in 10 years. Imports have become costlier for India due to the strength of the dollar. Whether it is gold or crude oil, both India imports the most and more dollars have to be spent on the import of both.


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